A04371 Summary:

BILL NO A04371
SAME AS SAME AS S01295
SPONSOR Schimminger (MS)
COSPNSR Cusick, Colton, Tenney, McDonald
MLTSPNSR Cymbrowitz, Kearns, Lupinacci, Walter
Amd SS606 & 210-B, Tax L
Establishes a credit against income tax for the rehabilitation of distressed
commercial properties; allows for 30% of the qualified rehabilitation
expenditures up to $100,000; requires that to be eligible, the commercial
property is located within a distressed commercial area, as identified by each
locality through local law, that is deemed an area in need of community renewal
due to dilapidated vacancies; provides that the property shall be substantially
rehabilitated which is where the qualified rehabilitation expenditures in
relation to such building total ten thousand dollars.